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Seoul: Shares snap 6-day losing streak, won up as border dispute ends

Seoul shares reversed early losses to close at a three-week high on Thursday as recently undervalued shares extended gains, while foreigners continuously offloaded local stocks.

PHOTO: BLOOMBERG

[SEOUL] South Korean shares and the won rebounded on Tuesday after the North and South agreed to end a military standoff, but gains were capped as Chinese shares went into a tailspin late in the session.

The Korea Composite Stock Price Index (KOSPI) ended up 0.9 per cent at 1,846.63 points after rising as much as 1.9 per cent to 1,864.30 early in the session. It snapped a six-straight-session losing streak.

Foreigners were net sellers for a 14th consecutive session, marking the longest selling spree since June, 2013. During the period, they have sold a net 3.19 trillion won (S$3.76 billion) worth of shares in the main board, preliminary data showed.

The South Korean won closed local trade up 0.3 per cent to 1,195.3 on the dollar, cutting some gains from a session high of 1,191.0.